On Monday, former President Donald Trump’s wealth surged, propelling him into the elite circle of the world’s top 500 richest individuals, as reported by various sources. During a period that many believed to be a downturn in Trump’s financial fortunes, the entrepreneur and former president experienced his most significant single-day wealth increase.
The monumental rise in Trump’s wealth came as the Trump Media & Technology Group completed a $300 million merger with Digital World Acquisition Corp. This long-anticipated deal, which took 29 months to finalize, now sees Trump holding shares valued at billions of dollars on paper.
Bloomberg highlighted on Monday that Trump’s net worth is set to increase by over $4 billion, boosting his total wealth to $6.4 billion. This substantial wealth accumulation ensures Trump, at 77, a spot among the globe’s wealthiest 500 individuals on the Bloomberg Billionaires Index.
Digital World is identified as a special purpose acquisition company (SPAC), a business entity created solely to pool funds through an initial public offering (IPO) with the aim of acquiring or merging with an existing company, as defined by Investopedia.
Shares of Digital World saw a remarkable 35% increase on Monday. Meanwhile, the Trump Media & Technology Group, which owns the Truth Social app platform, is poised to make its debut on the Nasdaq stock exchange under the “DJT” stock ticker on Tuesday.
Devin Nunes, the CEO of Trump Media & Technology Group and a former Representative from California, expressed the company’s mission, stating, “As a public company, we will fervently pursue our goal to build a movement to reclaim the internet from the clutches of Big Tech censors. We remain committed to providing Americans a safe haven for free expression and to resist the growing forces of speech suppression.”
This significant wealth influx arrives at a moment when a state appellate court has notably reduced Trump’s civil fraud case bond to $175 million, a substantial decrease from the initially ordered $464 million bond.
On Monday, Trump expressed his appreciation for the appellate division’s decision, stating, “Greatly respect the decision of the appellate division. We’ll arrange for a cash or bond very swiftly.”
However, Bloomberg noted that Trump would have to wait approximately six months before he can liquidate his merger earnings.
The official Securities and Exchange Commission filing detailing the merger is available for public viewing.
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